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The BRICS alliance kicked off the de-dollarization process by inducting oil-producing countries into the bloc. BRICS aims to control the global oil markets by using local currencies for trade settlements and not the U.S. dollar. The USD, which once had a strong footprint in the oil sector, seems to be losing ground currently. Developing countries are looking to end the stronghold of the dollar and are pushing to strengthen their native currencies. Also Read: BRICS GDP in Purchasing Power Parity Reaches 37% Of the Global Economy BRICS: U.S. Dollar on Shaky Grounds in the Global Oil and Gas Sector Source: asia.nikkei.com A recent report from JP Morgan on the de-dollarization process initiated by BRICS highlighted that the U.S. dollar is slowly losing dominance in the global oil sector. The research titled “De-dollarization: Is the U.S. dollar losing its dominance?” shows that the dollar is shaky in the oil and gas sector. Also Read: BRICS: China Aiming to Bring Down the U.S...

The BRICS alliance is looking to throttle the U.S. dollar’s global reserve status by trading in local currencies for cross-border payments. The Shanghai Cooperation Organization (SCO) is also moving in the same direction with an intent to end dependence on the U.S. dollar. Therefore, both the BRICS and the SCO are in the same boat in their quest to uproot the U.S. dollar’s supremacy. Also Read: BRICS Developing New Payment System To End Reliance on the U.S. Dollar If BRICS works on a common agenda prioritizing native currencies, the U.S. dollar could be on the path of decline. The alliance is looking to play a major role in ending the dynamics of the geopolitical system dominated by the West. Read here to know the U.S. sectors that will be affected if BRICS and SCO trade in local currencies. The member countries of the SCO are China, India, Iran, Kazakhstan, Kyrgyzstan, Pakistan, Russia, Tajikistan, and Uzbekistan. The trio of China, India, and Russia are part o...

Reports are rife that the BRICS alliance is working on creating a new currency to settle global trade that could be backed by gold. BRICS members China, Russia, and India are accumulating gold on a large scale in FY 22–23 and FY 23–24. China purchased 21 tonnes of gold to its reserves in June 2023. Moreover, the Central Banks of the BRICS countries are the top buyers of gold this year, indicating that the alliance could be using the precious metal as backing for a new currency. Also Read: BRICS : 85% of The World’s Population Ready Ditch U.S. Dollar Andy Schectman, President of Miles Franklin, told Kitco News that there are chances of the BRICS launching a new currency backed by GOLD . Even if GOLD is not used as backing, the alliance could work towards the formation of a new currency. “I do believe that BRICS will issue a common settlement currency, and it will be backed by something,” he said. Schectman stressed that a BRICS currency is inevitable and could be...

BRICS countries are looking to launch a new currency to replace the U.S. dollar for global trade. The development will introduce a new tender in the international markets and compete with other existing currencies. The foreign exchange markets come with volatility and the BRICS currency stabilizing in the robust industry might take time. Therefore, the potential exchange rate is thrown in the wind with uncertainties of its value gaining or losing power. Also Read: BRICS: 10 Asian Countries Agree to Ditch The U.S. Dollar Why BRICS Currency Will Not Replace U.S. Dollar Source: smestreet.in New countries accepting the BRICS currency for import and export comes with a risk as the tender’s value offers no stability. Introducing a new currency in the markets could disrupt the existing financial conditions dominated by the dollar . The BRICS currency will take on global leaders like the Euro, Pound, and Yen. Competing with existing yet strong currencies is a challenge as BRICS nations...

BRICS is receiving formal applications from several countries around the world showing interest in joining the alliance. A handful of nations from the Middle East are looking to enter BRICS and trade in the new and yet-to-be-decided currency. The shift comes after the bloc of five nations collectively decided to trade in their native currency and sideline the U.S. dollar. Countries in the Middle East are ready to drop the dollar from international trade settlements and push the new tender globally. Also Read: Egypt Looking To Join BRICS & Accept the New Global Currency The Middle Eastern nations that are ready to join the BRICS alliance are Saudi Arabia, the United Arab Emirates, Bahrain, Egypt, and Algeria. Iran is also trying to enter the bloc as the nation is plagued with sanctions pressed by the U.S. The countries are rich in oil and send millions of barrels to the U.S. and across the globe every day. If the Middle Eastern nations join BRICS , they could dismi...